FICO Score Summary

FICO Score Summary

When you buy a score, in the FICO Score Summary it shows the following:

Payment history

Amount of debt

Length of credit history

Amount of new credit.

Next to it it states "How You Rate" with the following:

Bad

Not Good

Good

Very Good

Great.

I have been debt free approaching a year and amount of debt still states "Good." How do I get it to Great if I already owe nothing? I had over $50,000 in loans and at that time it showed up as Not Good, yet after paying the loans off it is stuck at Good? My understanding is that a portion of your score is how much you owe, yet my score improved zero points. I am at the point now that I am considering waiting a year and a half to two years and saving up the cash to buy a new home (new construction). I think this FICO thing is rigged. I can't prove it, but it just feels that way.

Re: FICO Score Summary

Look in your "Credit At-A-Glance" page within your FICO report. Does it show all $0 balances? If not, than can be a culprit. Another thing that might come into play is your mix of credit. How many open CCs do you have?

Re: FICO Score Summary

Yes, all balances show $0. As far as mix of credit, I only have installment loans (all closed) and that is what I suspect is hurting my scores. I tried to remedy this by applying for a Sears Card and was turned down. I was told my score was too low 618 Equifax. I suspect they didn't use the same FICO Score as myFICO (my FICO Equifax 714), as the range they stated in the letter was 250-900. I believe that is different from this website. It just seems like I only have two choices now, pay cash for the rest of my life, or get a secured card to get the ball rolling. Even if I did qualify for a mortgage, at what rate would it be? I just find this credit scoring totally useless. Oh, after applying for the credit card my score on myFICO went down to 709. Unbelievable!

Re: FICO Score Summary

What accounts do you have open? Something has to be open otherwise a FICO wouldn't generate.

YMMV on the rate and the mortgage product. If you go FHA, for example, your rate is relatively the same whether your score is low or high. Conversely, a conventional loan would largely hedge on your FICO, income, DTI, amt borrowed vs. value, down payment, etc.

The 900-score range could be a CC-enhanced FICO which weighs your CC experience over your other TLs.

Re: FICO Score Summary

Great. I applied for that credit card two to three months ago. So if I looked up my scores now, I might find that I have no score at all. I Googled "No FICO Score" and it states that you might not have a score six months after the last account reported. This means that from the last time they reported a zero balance I had six months to open up something new (I was still within that window when I applied for the Sears Card). It looks like I am screwed now.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation.
Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies.
Many factors affect your FICO Scores and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.
FTC's website on credit.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.